Stellar XLM Climbs in Tepid Trade as Coin-Listing Speculation Grows
Stellar outperformed a tepid market on Saturday after the listing of Basic Attention Token on Coinbase Pro fueled speculation that XLM could be next. To be clear: Coinbase has made no mention of XLM being incorporated into its platform, but that hasn’t stopped market participants from pondering the question following the inclusion of BAT.
The value of XLM peaked at $0.2398 at 11:04 UTC, a new ten-day high, according to CoinMarketCap. At the time of writing, a single Lumen was valued at $20.386, having gained 4.2% over 24 hours.
By comparison, the broader cryptocurrency market was down 0.5% on Saturday, which is equivalent to a $1 billion drop.
Trading in XLM amounted to $60.3 million on virtual currency exchanges, an increase of 67% compared with last week. The biggest markets for XLM trades were Binance, GDAC and BCEX, according to latest available data.
From a technical point of view, XLM has made very little progress in recent weeks. Prices have been in a firm downtrend since mid-September following a sharp spike earlier in the month. Given current price levels, XLM/USD faces immediate resistance around $0.2450 and a clean break above that level would draw bids up to $0.3000. At the same time, the low $0.2000 area should offer firm support as it has been well maintained for over three weeks now.
Stellar Outshines Its Peers
Stellar has been paving the way for wider adoption of its XLM protocol through several partnerships announced over the course of 2018. Back in September, the Stellar Development Corporation announced it had acquired Chain, an up-and-coming blockahin startup, to form a new entity called Interstellar. As recently as last week, Interstellar unveiled Starlight, an instant payment channel boasting zero fees.
The Stellar Development Foundation has also launched a peer-to-peer marketplace boasting free and fast listings of “every asset class imaginable,” including “crypto, fiat, bonds, commodities and more.” The StellarX platform utilizes the Stellar blockchain without the added expense.
The listing of Basic Attention Token on Coinbase Pro, a multi-billion-dollar cryptocurrency exchange, has also stoked optimism that XLM may soon be supported. This speculation isn’t entirely unfounded. Back in July, Coinbase announced it had short-listed five cryptocurrencies for possible inclusion on its platform: Stellar, Cardano, Zcash, Basic Attention Token and 0x (ZRX). To date, two of the three – Basic Attention Token and ZRX – have been added to Coinbase Pro.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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